What better place to make a splash when it comes to investing in the arts and entertainment industry than Melbourne, Australia? The rich culture, people and historic significance makes it an ideal spot for tourists, which translates into a thriving economy; an economy ideal for investors.
It’s clear that stakeholders want to get the most for their money, so here are some things to consider when looking into arts, media and even real estate opportunities in Melbourne.
Nightlife in Melbourne, Australia
There is a vibrant and growing population of young professionals who want to unwind after work. The plethora of trendy clubs and bars are ideal for social networking with many establishments hosting events late into the night. This would be a prime-time to buy commercial properties in these areas to take advantage of the already active nightlife and tourism scene.
Local Live Entertainment in Melbourne, Australia
Along with clubs, there are high concentrations of other musical ventures taking place. Melbourne boasts Australia’s largest venues of live music and is home to popular local bands. They also host international bands playing everything from grunge rock, techno, jazz, and hip hop. They even have the Crown Entertainment Complex, which houses Australia’s largest casino, as well as cinemas, discos and designer stores.
Real Estate in Melbourne, Australia
The economy there is stable, open and growing – making it a great time to invest in Melbourne commerce. The expanding population is, in part, due to a balanced employment system that continues to make it a safe and proven investment place. People have well-paying jobs, giving them buying power; buying power which they use.
Demographics and Economics of Melbourne, Australia
The highest proportion of those born overseas in Melbourne are from the United Kingdom. There is a high level of diversity, including citizens from China, Italy, Greece, Germany, and other countries across the world. As a matter of fact, Mandarin is the second most spoken language in Australia after English, making up about 2% of the total.
The Australian economic system is undergoing uninterrupted development and boasts low unemployment. Even when the developed world was put into a lower position in the 2007-2009 recession, it did not affect Australia like it did others.
On the other hand, it could be said that there are some serious issues that the nation faces. A major one is that it is a vast consumer of illegitimate drugs such as speed pills and cocaine. Between 2013 and 2014, the total crime rate in the state of Victoria – of which Melbourne is the most urbanised – increased dramatically; by a rate of about 6%. However, the population growth in the same region during the same period was about 10% – so is there really a need to worry?
The skilled work force boasts excellent accessibility to multilingual and culturally sound professionals, encouraging highly social communities in the general population. Furthermore, with nearly 6 million people in what one may consider as the “events capital of Australia,” the lifestyle is enviable with a high calibre of professionals looking to make Melbourne their home. They seek social places to gather and meet new people, which makes the idea of opening more arts and entertainment centred establishments a viable option.
These reasons for investing in Melbourne are just the “tip of the iceberg” so to speak. Investors have several areas to choose from, but no matter what direction one heads-in, keeping these in mind is a great start.